Edit: I've seen multiple comments along the lines of "It's the credit card company's fault that people are in debt". Just like it's the soda and fast food industry's fault that you're out of shape, right? When did personal responsibility stop being a thing? Have a good weekend everybody!
@mikec3454
5 жыл бұрын
Amen Marco! It’s a “everyone else’s fault but your own” mentality these days. I work in banking, don’t forget about the benefits like trip cancellation, list baggage, travel medical insurance. All of these could also be covered under your credit card depending on the type. Lots of great benefits of credit cards if used wisely.
@ozzie3056
5 жыл бұрын
I couldn't agree more. Sounds like the people who want student debt paid off. Will I receive a check for the student loans I paid off? I think not.
@TetelestaiontheCross
5 жыл бұрын
Marko - WhiteBoard Finance so true. No one has it anymore! We need to be teaching people how to be held accountable for their actions.
@TetelestaiontheCross
5 жыл бұрын
Mike C wow my husband runs a lending dept for a non profit. Boy the stories he comes home with. People blaming him for them loosing an apartment or home or job because he won’t hand them money they think they deserve. We live in an extremely liberal area and it shows. People think they deserve free money here it’s pathetic. Victim mindset let me tell you.
@Ka_Gg
5 жыл бұрын
I absolutely agree...BUT you have to start with good habits and quick "wins". Abusing credit cards is a bad habit that is YOUR fault. In your example you say soda and being out of shape. Lets say soda is a credit card in this example. All dave is saying is to never drink soda and buy soda again, it won't completely make you in shape, but it's big step to many ppl. Old habits die hard. Ppl are in debt because ppl are clueless with money and finance. "everyone" wants a $1100 smart phone and a brand new car, but realistically can afford a 2006 Honda and a $100 smartphone (does the same thing, just doesn't look as cool).
@blanti
5 жыл бұрын
A friend was telling me that his wife’s credit card got stolen a couple months ago. I asked if there was much hassle in getting it cancelled and getting a new one. He said “ I didn’t report it, the thief is spending less than my wife,” 🤣😂🤣😂
@WhiteBoardFinance
5 жыл бұрын
Best comment so far by far
@SteelHex
5 жыл бұрын
It’s an old joke that has been around the block a couple of times, but it’s still funny.
@blanti
5 жыл бұрын
Of course it’s a joke.
@MartinGonzalez-bm7yq
5 жыл бұрын
F*^$%^ Hilarious...
@PeteR-or5kj
5 жыл бұрын
The oldest joke on the planet.
@Eddie-gb3bn
5 жыл бұрын
You and I aren’t Dave Ramsey’s target audience. His target audience is people with debt who have no clue how to manage their money and want to learn how to manage their money better. don’t know how.
@garyoakham9723
4 жыл бұрын
Rosela B and you sound like one of those democrats who drink Starbucks everyday and eat out every night while complaining about capitalism and your debt. Let me guess your unexpected thing is eating out for lunch or buying a half million dollar house to show off
@dynamicwellness33
4 жыл бұрын
Rosela B people aren’t in credit card debt from emergencies. They are in credit debt because they don’t have a budget and buy a whole bunch of crap they can’t afford on average. Emergencies happen, but this isn’t the average person. This also why you should have an emergency fund and insurance.
@Brunette3030
4 жыл бұрын
Correct. Ramsey isn't wrong; he's totally on point about human nature. Most people, given access to credit cards, will do foolish things with them at some point. It's best to simply remove the temptation and learn better habits.
@lomitanielu8962
4 жыл бұрын
It's like how MDs are for the sick.
@bryson3401
4 жыл бұрын
It doesn't mean you are uneducated by following Ramseys plan. It is just different from what you follow. Nothing wrong with that.
@Hotobu
4 жыл бұрын
I've had a CC for almost 20 years, never played a cent of interest, never paid a late fee.
@WhiteBoardFinance
4 жыл бұрын
Same
@alexc5369
4 жыл бұрын
You've just bought more things on average over the 20 years than you would have without one.
@drunclecookie216
4 жыл бұрын
@@alexc5369 that's not always true. some people use it for only gasoline and groceries. and some bills let you pay online with credit cards too. that's money you would spend anyway. I'm not going to buy more gasoline and groceries just because I have a plastic card instead of some pieces of green paper.
@firebug1892
4 жыл бұрын
Hotobu so!
@droopypie
4 жыл бұрын
You've created more debt into the economy
@billhunsinger862
2 жыл бұрын
Since 1969 I do not carry a balance on credit cards and I charge everything over $10. My credit score is 840.
@RossLemon
4 ай бұрын
Lol, you could probably breathe inside a McDonald's near a dealership, and they'd come running over to offer you a deal with a score that great.
@guapoberry
5 жыл бұрын
Having an Amazon Prime membership is more dangerous for impulse buying.
@jbmemphis2151
5 жыл бұрын
AGREED. Amazon prime and major cell carriers new ways of selling cell phones too!
@PAPERCHASERCH47
5 жыл бұрын
This is a fact. I actually had to fast for a few months from Amazon because of impulse buying.
@shonalovely2143
5 жыл бұрын
True
@SteelHex
4 жыл бұрын
That’s the reason I don’t have prime membership. Even if it saves me, say, 5% on product prices, I have to spend $200 a month just to recoup the $119 annual fee. In a busy month I probably order less than $100.
@stevedrawdy2532
4 жыл бұрын
@@SteelHex if you're ONLY saving 5% on product prices it may not be worth it, but there are many items that have a 25-50%+ savings with free next day shipping, not to mention a larger selection of products and all the added benefits (unlimited photo storage, prime video, music etc). I also have the Visa Signature Card which gives you 5% cash back on all Amazon purchases. My $120 prime investment saves me thousands per year.
@freedominabudget
5 жыл бұрын
I view credit cards like I do alcohol. Some people can use them responsibly and enjoy the benefits, others cannot control themselves and should stay away!
@WhiteBoardFinance
5 жыл бұрын
Well said
@MattKiefer
4 жыл бұрын
@@WhiteBoardFinance so 55% or more than half (majority) can't handle credit cards?
@JBRogersJR
4 жыл бұрын
I know several people that represent that remark!!!
@millville444
4 жыл бұрын
@@MattKiefer yes. according to Dave's stats anyway.
@kennethrussell1158
4 жыл бұрын
Great points and observations. True Comments.👍 Freedom In A Budget.
@OVERKILL_PINBALL
5 жыл бұрын
Most people are simply not financially disciplined regardless of age...
@TREVANDTHECREWgaming
5 жыл бұрын
Being financially disciplined is so important for adults... CC or not... you might not be in debt but you’ll just be broke on the street lol people have to learn financial responsibility.
@InvestingwithKurt
5 жыл бұрын
I fully agree. Unfortunately they do not teach this at school and people make a lot of mistakes and bad decisions.
@codythrive5154
4 жыл бұрын
Investing with Kurt who cares if they teach it in school? I have learned so much that isn’t taught in school, and I don’t know so much that is taught in school. We can’t just blame schools for everything. It’s the individuals responsibility.
@InvestingwithKurt
4 жыл бұрын
@@codythrive5154 Indeed, all I am saying is that if we were exposed maybe in school, more people would have the "push." In the end of the day though, it is all about what individuals decide to do with their lives and how to manage their well being.
@kirkmcallister2150
4 жыл бұрын
@@codythrive5154 Goes straight to the parents being responsible for their child's education. Then the child to continually learn
@craiginzana
4 жыл бұрын
I think it's important for people to have a solid emergency fund before using credit cards. I was responsible for them for years and paid them off at the end of every month with plenty of room to spare, but then a really rough series of events happened over a period of a few months and I didn't have the money for an emergency. I also lost my head and the open credit was right there. Now I'm staring down an unpayable amount because it was so easy to jump into that debt. This IS all my fault, but once I get out of this debt I'm not using credit cards again. I thought I could trust myself to be smarter than that, but when everything against the wall it's not as easy as it sounds to make smart decisions.
@dienekes4364
4 жыл бұрын
My general rule of thumb is that my emergency fund should be big enough to cover all my minimum payments for something like 6 months. The longest I've ever been unemployed was 10 months (in 2009, thanks Obama!), so I figure unless something REALLY tragic happens, if I lose my job, I'll be back to work within that 6 month period. If not, I can take other drastic measures. - The fact is you have to BUDGET and make sure you don't spend beyond your means. It sounds like that is exactly what you did. If you "lost your head" and ran up all your credit cards within only a couple of months, then you weren't sticking to a budget, no matter what that "rough series of events" was. - Another thing it appears you failed to do is to have any foresight. When you build your "emergency fund", that's not just money that you get to spend when you feel like it. The thought process of someone who is fiscally responsible is to think about the future as it is impacted by the present. If you end up in a "rough few months", you should have been tightening your belt, not running to your slush fund. Yes, it sucks to not get to buy a Starbucks or go out to eat or sell off some possessions that you don't really need, but that's what you do BEFORE dipping into your emergency funds. - The fact is, credit cards are tools. If you don't track what you spend, then you are failing financially. It sounds like the CC balances just got out of control for you. One idea is to keep a "checkbook" where you write down EVERYTHING you use your CC for, just like you would with a checking account. Every time you use your CC, you can physically see the balance due and it will remind you to not let it get out of control. I have several CCs with probably close to $75,000 in limits. I have a register that I carry with me that I use to write down every transaction for each card and every payment to each card. I'm not able to pay off all my CCs each week because I use them to make money, and I need to keep the $25,000 I have in the bank for other things (that also make money). But with my CC registry, I know _EXACTLY_ where I am for each and every card I have and keep myself cognizant of where I am financially.
@craiginzana
4 жыл бұрын
@JBZ JBZ The fact that you type like a 12 year old kind of makes it hard to take what you're saying seriously.
@craiginzana
4 жыл бұрын
@@dienekes4364 Yeah, I mean I'm logically aware that I need to be spending within my budget. I had a relapse and was suicidal... not logical at all. So when I say I lost my head, it was very much not logical thinking and what it taught me is that I'm just a few bad days away from having a breakdown like that again.
@dienekes4364
4 жыл бұрын
@@craiginzana Oh, man. That sucks. I know what you mean, I was like that when I lived in St. Luis. One day, I packed up my dog in my car and left a note for my girlfriend that I wasn't coming back. I knew if I stayed there one more day, I'd most likely blow my brains out. And I mean that literally. To be honest, to this day I still have no idea why I was so depressed, so I get it. Hopefully, you are in a better place now (despite the current chaos). . Are you at least still working? Unfortunately, I work for the evil banking industry, but at least I'm lucky enough that I am able to work remotely, so this crisis isn't really affecting me that much. It's nice to have income while trying to get my business started. I also just bought a house and have been working on it for the last month before I move in. Keeping busy really helps keep the depression at bay, for me.
@The_Real_Frisbee
4 жыл бұрын
@@dienekes4364 At least you left St Louis. Granted I live on the Illinois side and not directly IN St Louis, it still sucks here. People, traffic, lack of a job economy (especially living in the country). Just leaving this hellhole would cure parts of my depression.
@fh1980ram
5 жыл бұрын
Both uncle Dave and cousin Marko give good counsel.
@WhiteBoardFinance
5 жыл бұрын
thank you for a fair and balanced comment Fred :)
@krukov100
5 жыл бұрын
Dave gives good advice for people who are stupid with their money( for the most part )
@rayb6852
5 жыл бұрын
Uncle Dave has been bankrupt. He knows from experience.
@MattKiefer
4 жыл бұрын
@@WhiteBoardFinance I love Dave
@Benm701
5 жыл бұрын
Another point.. If you lose your wallet somewhere, you can cancel your card. All the cash in your wallet would be gone.
@WhiteBoardFinance
5 жыл бұрын
very true
@WhiteBoardFinance
5 жыл бұрын
Debit card runs the same risk with direct access to your cash.
@tobbertire
5 жыл бұрын
You dont carry your whole bank account with you though. Maybe a week or 2 worth of cash. Some people are more responsible with wallets than other just like with credit cards
@lilolme69
5 жыл бұрын
I often carry $800-$2500 in my wallet (I doubt a day goes by that I don't have $800 in my wallet) but if I lost it, the world wouldn't end. I'm not sure I'd tell the lil woman though. lol
@SteelHex
4 жыл бұрын
And even if they use your credit cards, the banks will reverse all the charges.
@Ed-fy1xq
5 жыл бұрын
I get where you’re coming from, but the big picture for Dave’s plan is for people to getting out of debt and becoming wealthy. Using credit cards is like playing with fire. Can be super fun in a well controlled environment, but there’s always that risk of getting burned. Just my two cents. Thanks for the video!
@WhiteBoardFinance
5 жыл бұрын
Good analogy
@jamie49868
5 жыл бұрын
If you notice most of Dave's callers have huge CC debt, but still need a third party to tell them to stop using them, and hammer the debt. So the real question is "are they morons?". Not should a normal person with reasonable control have and use one?
@WhiteBoardFinance
5 жыл бұрын
Exactly Jamie
@daejonmoody3304
5 жыл бұрын
The average person isn’t financially secure or knowledgeable. They don’t understand credit and debt until they are in the hole. I’m starting to think out of 5 people, only 2 are financially wise years before the other 3. Those 2 people don’t need Dave’s advice, the other 3 need help lol giving them a credit card would be very irresponsible until they are ready
@akin242002
5 жыл бұрын
@@daejonmoody3304 Agreed! Me and my younger brother are polar opposites. I can manage money better and plan things out due to my higher levels of discipline. My younger brother is a notorious impulsive spender. He will blow through his whole paycheck in a day if family doesn't intervene. I tell him to use debt cards and got him an RFID wallet to keep it as safe as possible.
@jroberts7387
2 жыл бұрын
Yea this was one area I never agreed with Dave on. If you're responsible with your money and you budget like you should, a credit card is almost like free money
@ldtriton
5 жыл бұрын
I totally agree... I always say: credit cards are nothing but financial tools. If you learn how to use them correctly they'll work for you rather than against you.
@entirelypossible1038
5 жыл бұрын
Your Dave Ramsay "vee-hickle" line was on point LOL
@rosamargaritamedina6119
4 жыл бұрын
entirely possible this made me LOL and rewind and rewatch it 😂
@kefkapalazzo1
4 жыл бұрын
I thought I was the only one who noticed that lmao
@tb3441
Жыл бұрын
I find it easier to manage my finances with a single CC. I fund several online savings buckets for various monthly expenses. When I pay my CC off each month I look at recent purchases and pull the necessary amount of money from each bucket to pay off the card. When I used to use a debit card, all of my money would be pooled in one checking account. Month after month I found it difficult to track what I was actually spending on certain items. When you are disciplined a CC forces you to look at your spending habits, and adjust as needed.
@freddieh5539
4 жыл бұрын
Spot on, Marko. I agree with much of what Ramsey says, but he missed the boat on this one. Credit cards aren't a problem if A) you don't put things on the card you weren't going to buy anyway, and B) pay off the balance every month. To say that credit cards are bad for everyone is like saying nobody can have alcohol because of a few irresponsible people. We tried that 100 years ago. Didn't work very well.
@davidjones1310
5 жыл бұрын
It's one of those "it depends" cases. I'll bet that there's a huge portion of his audience where that kind of staunch anti-credit card attitude helps. It's like AA - most people handle booze just fine, but some folks really struggle and it destroys their lives.
@WhiteBoardFinance
5 жыл бұрын
Fair statement David
@akin242002
5 жыл бұрын
Exactly!
@thehappycamper6789
5 жыл бұрын
David Jones Well stated. You are right.
@jahmaradams8641
5 жыл бұрын
Exactly. If 45% of people are doing it right that means 55% are doing it wrong. That’s a big number.
@luvinlife225
5 жыл бұрын
My sentiments exactly. The answer to if credit card usage is a good or bad thing varies from person to person. Being a responsible adult is knowing you strengths and weaknesses when it comes to managing credit card usage.
@jamie49868
5 жыл бұрын
I use my two credit cards and pay them off at the end of the month avoiding interest charges. Two really good things happen because of this.... 1) It helps my credit score stay excellent. 2) I get 1.5% cash back. Credit scores are important for many reasons. They can save you money on insurance, any money you may need to borrow, and can even help you get a job (they check them), along with other subtle ways. The cash back is nice. Sure, you wont get rich on the 1.5%, but neither will you by turning off the lights when you leave a room, clipping coupons, or skipping that morning latte...but it all adds up and I'll take it.
@spencerrichardson539
4 жыл бұрын
I’m a huge Dave Ramsey fan and I completely agree with you!
@davemckinnon2683
4 жыл бұрын
Same. It really all comes down to personal financial responsibility.
@Marilynefc
4 жыл бұрын
Right! Dave Ramsey is fool proof. And sometimes I need that! Like buying a house advice. Idk shit. But I know I can handle credit cards. But I’m still a huge Dave Ramsey fan.
@sparks6177
4 жыл бұрын
I think Dave Ramsey’s program is more targeted at people who have poor to no self control mechanisms and saying “DONT YOU EVER, EVER! USE A CREDIT CARD” Is him acting like the AA group that says never enter a bar
@jackkelly4032
4 жыл бұрын
6 out of 10 credit cardholders carry a balance without paying it off at the end of the month. If 6 out of 10 people who walked into a bar became alcoholics prohibition would still be in effect. If any other product hurt 6 out of 10 people who used it would we allow this as a society. I don’t use credit cards out of principle, just like Dave. I have the discipline. I just don’t use them anymore. Somehow my mortgage by itself has maintained my credit in the 800’s for years now. I guess I have lost out on pennies on the hundred in points. Oh well.
@udaykhatry
3 жыл бұрын
@@jackkelly4032 1 out of 4 here.
@grantwelch138
3 жыл бұрын
Jack Kelly u must hate free points and vacations
@sparks6177
3 жыл бұрын
@@jackkelly4032 you may be right. Although I’d say as a society we allow lots of things that a majority of people abuse. To use your example of alcohol, 40% of adults in the United States who drink, drink amounts that risk health consequences. You can’t just use abuse as the only reason that we shouldn’t allow stuff. For most people I think using credit cards is a bad idea, but if you use them responsibly and hold yourself to rules you put in place ahead of time I think it is fine and even beneficial to do so (not in a monetary sense, in a self control and disciplinary sense)
@newtonraymond77
2 жыл бұрын
Apparently there's an unlimited supply of such people who need "uncle Dave" to yell at them for being stupid. Many people have called his show feeling hopeless and have no idea what to do. I have absolutely no debt except my home but I wish I had found his videos at least 10 years ago I would've been much further along. I like many people made countless bad decisions in the past with money and wasn't educated on the importance of handling my finances. His views are not for everyone but many people need it
@Jeremy-wp4yh
2 жыл бұрын
It's very difficult getting through to Dave ramsay fans. It's sad when a young person says they've never owned any credit cards and have zero lines of credit because they're following Dave's advice. A young person needs a healthy credit score. You cannot live as if you're retired.
5 жыл бұрын
That imitation of him was spot on! Especially the “vehicle” part 😂 love the vid!
@WhiteBoardFinance
5 жыл бұрын
Lol thanks Ana
@amorestperpe
5 жыл бұрын
I'm not 12, I already know what my budget is lmao ☠️
@WhiteBoardFinance
5 жыл бұрын
Right? Lol
@nekah9398
2 жыл бұрын
Exactly! Never pay interest and reap the benefits! He always says live like your Grandma used to live, but this is not the century of our Grandma. Credit scores matter for most things!
@thomaskishmanii2675
4 жыл бұрын
“All I have in this world is my balls and my word. I don’t break ‘em for nobody” - Antonio Montana
@commentsrmymiddlenam
5 жыл бұрын
dave has his reasons to treat everyone like kids when it comes to finances, simply because the world as a whole are ... well really kids when it comes to finances. The financial literacy of most people in the world are atrocious. But for the financially literate and responsible, credit card>cash any day of the week
@iseektoshow
5 жыл бұрын
commentsrmymiddlenam I was trying to explain to a friend who has the Chase Reserve card about the Chase trifecta and it blew their mind. Lol. So I said ok at least you are getting 3% on travel and meals, but 1% on everything else. I explained that I use the Chase reserve when I can get 3%, the Chase unlimited to get 1.5% on everything and the Chase Freedom when I can get 5%. So say Chase has 5% back on gas for 3 months and I spent $1,500 on gas in that quarter (which I don’t-just an example) I could get 4,500 points. You can get a room at the Hyatt for 5,000 points. So I can almost get a free room for spending I’m already doing.
@dzerres
4 жыл бұрын
But he's not helping them by saying cut up all credit cards instead of teaching them how to responsibly use a credit card. How are you going to ever rent a car on a trip or buy something to eat on board without one? What Dave should be doing is telling people the difference between a credit and debit card and to stay away from a debit card. For example: if you want a bank's ATM card they will combine the ATM function with a debit card. DON'T DO THAT. Ask your bank for an ATM function card ONLY.
@Adiscretefirm
2 жыл бұрын
He was irresponsible and ended up bankrupt, but he considers himself a smart guy. If he fell for it everyone else will right?
@JakeNaughtFromStateFarm
5 жыл бұрын
Dave has good advice, especially for getting out of debt, but there’s a bit I don’t agree with him. Won’t get into all of them, but the main one is only using cash. He says you get better deals and tells stories how he gets $1200 appliances for $900 (never mentioning a store btw). I’ve bought furniture, appliances, vehicles, etc and never had luck offering cash. They always tell me it’s the lowest they can go (except for floor models, on occasion). I feel I’m better off paying interest free over X amount of months. Then there’s everyday essentials like utilities, groceries, gas, etc. Ever try calling the electric company and saying, “I know the bill is $200, but I’ll give you $150 cash,” or “Gas is $2.50/gallon, but I’ll give you $1.75/gallon cash.” Doesn’t work. Better using my 2% cash back (5% for one quarter) and it’s like getting a discount. Buying my son a Nintendo Switch for his birthday with cash back. Cost me $270 in rewards, so it’s over 10% back (1-5% regular plus 10% off when redeeming gift cards).
@paulspurlock599
5 жыл бұрын
Maybe I'm weird, but using my credit card actually makes me spend LESS money. A Credit Card shows exactly how much you spent. So when I go a week of eating out, or buying gas or whatever and check my statement to go pay it off since I do it weekly, sometimes it's like a sticker shock and forces me to cut back on going out so much. I know budgeting apps can track this, but none of them are 100% accurate for me, and aren't nearly as instant a lot of times.
@WhiteBoardFinance
5 жыл бұрын
Good point
@shonalovely2143
5 жыл бұрын
I swear it does when you see thar big number instead of all those small subtractions!
@tomwilsonn
4 жыл бұрын
20 years of having credit cards for me and I’ve also paid $0 interest ever. Extra warranties and travel insurance etc makes them worth it for me.
@carlosgarcia8770
Жыл бұрын
I agree with you 100% . Dave and some of his fans have experienced trauma with credit cards due to overspending and paying high interest rates , due to not paying the full balance every month.
@pillarsofserpents
4 жыл бұрын
You nailed it, man. I'm with Dave on everything EXCEPT credit cards. Thank you for this vid.
@zerointerest6109
5 жыл бұрын
Marko has a credit score of 800 because his wife handles the finances.
@lilolme69
5 жыл бұрын
I have a 0 credit score. I'm not against credit but my life has been so easy without it. And unlike the myth, I pay $0 more for insurance with a 0 credit score. I often think about a credit card but then never do it.
@millville444
4 жыл бұрын
@@lilolme69 if you don't care about saving a little bit of money here and there on normal purchases, then a CC isn't for you. if you're young, want to squeeze every drop from the lemon of life, it's smarter to get into CC's sooner than later - if you're disciplined. i love saving money, i love knowing i will get cash back for making purchases i would normally make anyway, and more than anything i love getting free airfare and such. i live more frugally with CC's than i did without and it has made me happier by enjoying the smaller things in life. by the time i am 60 i will have saved so much money (that i usually put in dividend stocks, my Roth IRA, 401k's, etc) that it will have made me enough compound interest to live quite comfortably without a social security until i'm in my 90s or later. if you're 50+ and have a solid roof over your head and don't plan to move anytime soon, if ever, then you really don't need a CC. some want an easy life, i want a financially competitive life.
@lilolme69
4 жыл бұрын
@@millville444 I've done very well for myself without a credit card. I started out with $3.17 (cash) when I got the idea for my first business (in the 90's). I owned several businesses and still own 1 directly. I had sold every business that I had and retired but it sucked so I started another smaller business. In my businesses I have never taken a credit card for payment, either check or cash. To this day, I sell $350,000.00 - $400,000.00 of product a year online locally, cash only. BUT, the world is changing and starting in 2021, if my grandson decides to be a part of this business, I will start taking credit cards for payment. That way it will be set for him to be successful. Or, what ever business he decides to own, I will guide him with the intent to take cards as payment. I am glad to see you are doing well and will be set for life well into your 90's. My mother-in-law just turned 92 and she has so much money left over each month from her budget she has trouble deciding who to give it all to. No need for her to cut her budget down.... she is 92, she has enough money to last her another 92 years if needed.
@millville444
4 жыл бұрын
@@lilolme69 that is awesome, for you with your business practices and your MIL making it to 92! i'm honestly so happy for you both. you are right though, you have done incredibly well without needing a CC. huge kudos to you! have a blessed new year and i hope this is your best year yet with your business and life in general :)
@lilolme69
4 жыл бұрын
@@millville444 Thank you, you too. Oh hey, since we are talking about credit cards, you know that thing in Target or Walmart that you slide it through..... I don't even know how those work. lol Even my 92 year old MIL knows how they work but I don't. :)
@jasonrackley9912
5 жыл бұрын
I am right there with you brother. My thoughts exactly, Dave's advice is great for the people who weren't brought up with good spending habits. However if you have your spending under control then by all means take advantage of the benefits that a credit card can provide.
@silverqic
3 жыл бұрын
Dave advice isn't just for bad habits or poor people. However, teaches how to handle your money towards building wealth. Credit cards are a no go for the wealthy. I guess people like giving away their hard earned money.
@vanrathbunjr5278
2 жыл бұрын
If you read Dave Ramsey's book, "The Total Money Makeover", you would know that he did not grow up learning good spending habits. He learned them by becoming a millionaire using debt, losing it all, going bankrupt, and learning godly spending habits by using God's and grandma's way. Now he is a multi-million aire with a $200 million net worth. The world says use debt to get rich, God says the debtor is slave to the lender.
@leojoshua21
5 жыл бұрын
Dave Ramsey likes the sound of his own voice. And your vid is brilliant. With some self restraint, credit cards offer many advantages. Great vid.
@ncaeon
2 жыл бұрын
Please share this video with someone whose 12. I wish someone taught me about finance growing up instead of me having an "oh crap" moment in my 30s.
@Iifeandmoney
3 жыл бұрын
I both agree with Dave and your point, there's always two sides of the coin here. But as a person who studies and consumes psychology related books, I'm gonna gave this to Dave. Without a good spending habits which is difficult to embrace now a days, since every companies and social media spent billions of dollars for marketing, not using a credit card is a must for people trying to save money. I for myself tried both, and I will say the restriction part if the most difficult to control. I think the best time to use a credit card if you already established wealth. Anyway thanks Marko for your take on this.
@mattbots1
5 жыл бұрын
Everyone gets so defensive on personal finance thinking they're right and anyone that does something different is wrong, but that's the thing it's PERSONAL. Take in information from every source you can and work out a plan that works for you. That's the trick, educate yourself and make a plan. If you can't handle credit cards responsibility, you definitely shouldn't have any. If you can pay them off every month, milk the hell out of those rewards. For my spending, it's basically a free $1000+ a year. Some people don't like debt, others would rather carry debt and invest instead. I've had multiple people act like I don't understand how interest works because I'd rather pay cash for a car than carry debt or spend time transferring credit card debt chasing 0% balance transfers because "you're saving money because inflation." I know how math works, I just hate debt and monthly payments. I also plan on paying my house off early. Life Goal: 100% debt free by 40.
@iseektoshow
5 жыл бұрын
mattbots1 if I get a zero percent car loan. I’d do that and still pay it off early. I’m like you I hate monthly payments. Haven’t had one since I paid off my mortgage 15 years ago.
@mattbots1
5 жыл бұрын
@@iseektoshow Agree and have actually done it. Don't remember if the car loan was 0 or 0.9% but after a year or so I got tired of seeing that $500 leaving my account every month so I just went down and paid it off.
@sumobowler3790
4 жыл бұрын
here's the thing, finance is not personal. we've just used that term forever it's what we say. finance is interpersonal. everyone's financial situation it impacts more than only them
@Shehasasecret
4 жыл бұрын
Dave’s method works for me and gives me peace of mind. It’s very easy to follow too. I’d still follow Dave’s method than risk it.
@barry4848
5 жыл бұрын
Dear Marko: I too have paid zero percent interest on my credit card. I travel around the world 8 months of the year- debit cards are a giant pain overseas, credit cards work everywhere. I have never been scammed in travels to over 100 countries. I do like Dave's common sense videos- the religion slant is not necessary in my view. Your videos are precise, detailed and a goldmine for younger people. I am retired with a large passive income from commercial real estate. Keep up your excellent videos!
@WhiteBoardFinance
5 жыл бұрын
Thanks Barry. The religious slant is genius because he is targeting people that are very "sticky" when it comes to believing in a system. Not a good or bad thing, just true.
@cgasucks
5 жыл бұрын
@@WhiteBoardFinance Yes. Most religious people are weak minded and tend to want someone to tell them what to do instead of thinking for themselves. That's why there are cults.
@humbleguy2010
5 жыл бұрын
Barry any advice on commercial real estate? Looking to get started.
@barry4848
5 жыл бұрын
@@humbleguy2010 Dear Humble guy I rent out warehouse space to small businesses. We repair anything quickly, but in return we collect our rent. No exceptions. Have a strong lease, do background checks, evict for non payment. I hired a manager for day to day operations, my longterm accountant reviews all transactions. Get a good accountant, lawyer and book keeper. Be fair but firm . It is a long term game, start small, build, invest repeat. Never give up. It is that simple. It helps to buy after a big economic bust...coming soon to a real estate location near you...be prepared to buy.
@lifewitholga_
5 жыл бұрын
@@WhiteBoardFinance Dave is a finance guy who happens to be a Christian. He shouldn't have to change or omit his beliefs for anyone. I mean if I were in a position and platform to spread the gospel while helping ppl with their finances I would do it too. Sharing his faith is Necessary and important to HIM it's his channel. You shouldn't poke fun either. He doesn't actually think credit cards are the devil... Ughh now that was unnecessary. However, yes I do agree with you that his financial advice works for some but not for others.
@corneliuswhite5139
5 жыл бұрын
Great job. I'm sure Dave is fine, with arms folding across his chest and feeling "better than he deserves", but I agree with you.
@WhiteBoardFinance
5 жыл бұрын
Haha I can picture him perfectly like that
@TabithaGomes
5 жыл бұрын
Haha exactly!
@edkennedy7952
5 жыл бұрын
Lol, he has great body language.
@PAPERCHASERCH47
5 жыл бұрын
🤣🤣🤣🤣🤣
@billscamarobp
4 жыл бұрын
I can tell you, now that i use cash and not credit cards, i buy less. There has been many times i would have bought stuff on my credit card that i would not with cash, so yes not using credit cards has saved me alot more than any points i would have got
@Gstunfisk
2 жыл бұрын
If you have control of 12 year old credit card is not for you.
@briank7124
4 жыл бұрын
I will say the one problem is that a lot of people feel like they are financially responsible when in reality they are not. And credit card companies will give them a card without question.
@justintaylor-moneymindset4073
5 жыл бұрын
Love this! I disagree with Dave Ramsey quite often on some of the things he says. That’s why it’s so important to diversify who you get your information from. Great reasons here in favor of credit cards!
@WhiteBoardFinance
5 жыл бұрын
I agree with a lot of his principles, but credit cards aren't one of them!
@marshallfox1786
5 жыл бұрын
I used to like Dave at first. But one day it just dawned on me that I can’t stand his one size fits all arrogant preaching style. I guess it’s what his target audience needs tho.
@MichaelSmith-fh2nu
5 жыл бұрын
The average person here in Canada pays about $750 a year in interest. That would eliminate any net positive for credit cards unless your one of the few that pays their balance every month.
@WhiteBoardFinance
5 жыл бұрын
You didn't watch the video. $0 debt. $0 interest. Only the benefits.
@bezeebee
5 жыл бұрын
So i too listen to Dave as well, just to hear 'the wisdom of the experienced'. I understand his rationale about credit cards but I do don't agree with them 100% as like Marko said, there are persons out there like myself who has discipline and can manage their credit well. In over 12 years I've had my credit card I've paid $0.00 in interest and other fees to my card company. I use my card practically every week and have a personal spending cap each month. I too clear the balance every month. I use my credit card like a debit card with the added benefit of paying later, sometimes months later lol. I hate using cash and my debit card is used solely for the ATM. Great job Marko!!!, you've spoken the sentiments that I share in regards to credit cards.
@WhiteBoardFinance
5 жыл бұрын
Thanks Zady :)
@bpetedanylewycz9016
5 жыл бұрын
ZadyB k
@bezeebee
5 жыл бұрын
@@acruzro95 hi Andres thanks for your point, I do share this sentiment about spending more with the card, my comment about Dave did mention that I do agree with him but not 100% in the sense that for me I CHOOSE not to spend more. I have a personal cap for myself which I do honor. Others/most persons may not be as responsible. Marko said it well in his vid, the funds I use my card for is for stuff I would've paid cash for anyway, overspending is not an issue for me but I do see how it can be very easily done.
@bezeebee
5 жыл бұрын
@@acruzro95 well said Andres! I actually find wisdom in both Dave and Marko' s point of view in the use of the credit card; but it just depends on who the person is their speaking to. For us, we lean more to Marko, while others who haven't developed self disciple should stay away from cards as Dave suggested cause it'll cause more harm than good. On another note, I wish you every bit of success in your financial endeavors. Keep educating yourself in this regard, for knowledge empowers us to make better choices . Have a pleasant day!
@jpablo7879
5 жыл бұрын
We need to understand where Mr. Ramsey comes from, he was scar by his past and his credit card usage. Like he says, it will not make you reach, BUT it could be use as a great tool in your belt. Especially if you are big in Real Estate and own stuff in LLCs and or a C/S- corps
@harrygmattin
3 жыл бұрын
The real pint is that it’s psychological. You spend more when you use credit cards because pain receptors in your brain don’t go off like when you spend cash. My intuition always told me this so I was blown away when I heard Dave say this years later. I stood up and said “I KNEW IT I KNEW IT I KNEW IT”.
@stephengnb
3 жыл бұрын
I don't dispute the psychology. I also believe you can train yourself to imagine you're handing over physical cash, activating the same pain receptors. Using a debit card can activate pain receptors, you can imagine your credit card as a debit card. Also, my pain receptors are already working overtime, so using physical cash doesn't add any more pain. 😅
@jlogan2228
3 жыл бұрын
Honestly im not convinced bc I spend my cash way faster than i spend on cc
@loganmedia1142
Жыл бұрын
I don't know where the research is that backs up Ramsey's claim about pain when paying with cash, but there is recent research, from last year, done at MIT, that says this is not the case. There are also literally hundreds of comments on his videos from people who say they don't experience this pain with cash. At best Ramsey's claim is unsubstantiated.
@toddhallam9598
2 жыл бұрын
I follow Dave Ramsey's plan except for the CC part. I pay it off every month and use the points to pay for part of Christmas. I am on baby-step 6. Dave's plan changed my life.
@whoabundy1
5 жыл бұрын
1. Take everything with a grain of salt. 2. Do your own research. (Gather data/facts) 3. Be honest with yourself. 4. Make an Inormed decision.
@WhiteBoardFinance
5 жыл бұрын
Be honest with yourself is hard for a lot of ppl
@whoabundy1
5 жыл бұрын
@@tyronejackson3020 saving my credit card bonus points to pay for class; thanks
@bigfacts4235
5 жыл бұрын
Great video! Just remember to tell the ppl that they get that $600 bonus when they spend $4,000 within the first 3 months of getting the Chase Sapphire Card
@jarvisaddison8560
4 жыл бұрын
Facts
@SteelHex
5 жыл бұрын
I’ve said it many times: credit is a power tool, similar to a sports car. Used properly it gets you to more places faster, but if you can’t control it then it’s very easy to crash and burn. I don’t spend beyond my means, and I pay all my cards at the end of the monthly cycle. Therefore, I’m not afraid to take advantage of the cash back and points. Dave’s audience is mostly people with a serious debt problem. For his listeners, his advice probably works best.
@sumobowler3790
4 жыл бұрын
money is a power tool. credit and debt are drunk driving, yeah, you can get away with it but it's safer and smarter not to do it
@SteelHex
4 жыл бұрын
sumo bowler Credit is not drunk driving. Businesses can’t expand quickly without it, and most can’t run if they have no line of credit. Most large companies bill their customers 30 days later. How do they pay their bills and employees in the mean time? If you treat your life like it’s a competent business operation, you got nothing to worry from credit. If you behave like a teenager with dad’s credit card in a shopping mall, then you’re gonna have problems.
@sumobowler3790
4 жыл бұрын
@@SteelHex too cumbersome to type, and i do not work for Dave. i've never even met him. but i suggest reading his business book EntreLeadership. all your questions and concerns are answered in detail
@SteelHex
4 жыл бұрын
sumo bowler I actually think Dave’s advice is good for MOST people. What I mean by most people are the average guys who max out their credit cards to have fun, or buy a $40K new truck fresh out of college. These guys shouldn’t be within 10 feet of a credit application. Marko’s audience is mostly adults, at least in financial sense. We still look at credit with suspicion, so we take advantage of it but control it tightly.
@sumobowler3790
4 жыл бұрын
@@SteelHex there's no safe and responsible way to smoke cigarettes, whoever you are. it is true some people smoke one pack per month and some smoke four packs a day, but still, it's safer and healthier to just not smoke. same with debt and credit
@D0zer122
4 жыл бұрын
Agree with you and Dave. Problem is that most callers dialing in to Dave sound like they work with money as if they ARE twelve! So I can understand his (Dave's) approach with those not as disciplined as you and I. Where I come from (South Africa) credit card interest rates are high (upward of 20%) and our perks...well, not so many unless you have access to the more affluent package...and to score 'points' for, say, a kettle would take you forever if you don't spend as much as I do...so I'd rather buy the kettle cash.
@fall22123
4 жыл бұрын
His next response is, "Oh you have it figured out how to fool CC companies? You're going to beat the system?" They also collect swipe fees everytime you use it. I think Dave got into trouble with CCs at some point in his life. He figures since he's a financial genius and he couldn't handle it, nobody can.
@UlexiteTVStoneLexite
4 жыл бұрын
That pretty much sounds like it hits the nail on the head
@boots911
3 жыл бұрын
he's not a "financial genius" though. He's just a regular guy with a degree in finance who has a radio show.
@UlexiteTVStoneLexite
3 жыл бұрын
@@boots911 agreed
@tonysteel1377
5 жыл бұрын
I’ve made more money in one year from my 1.50% cash-back Capital One Quick Silver credit card, than on the $30,000 emergency fund that I have in a liquid brick-and-mortar account. I’ve long thought that Dave was incorrect on lumping everyone into being irresponsible with credit cards. 💳
@bre97bj
2 жыл бұрын
I always use my credit card for 95% of my purchases since I was 18. I had a credit score of 750 by 22 just adhering to basic rules. 1 always been on time 2 always pay my total balance every month 3 don't spend more than my disposable income on disposable things I am 25 now with just a car loan. My score is in the 780s now.
@drakowithadraco
2 жыл бұрын
Yeah as long as you budget first and spend after, you'll be fine with a credit card. If you're allowed to spend $50 a week on dining out, you'll spend the same with cash or with credit unless you decide to break your budget. Only thing is if you use a cc, you get something back. I totally get where Dave's coming from cuz it's really easy to fall for the system (I've folded to Starbucks rewards in the past) but if you make an effort to disregard the rewards, you won't end up chasing them but you'll still get the benefits.
@richardromito926
5 жыл бұрын
Might want to mention that Chase Sapphire card has a 95.00 annual fee.
@TREVANDTHECREWgaming
5 жыл бұрын
There are much better examples he could of used that offer better rewards on cash back and travel points across the board.. for no annual fee lol
@WhiteBoardFinance
5 жыл бұрын
@@TREVANDTHECREWgaming I just talked about what i use personally. It's not a credit card review video 🙂👍
@richardromito926
5 жыл бұрын
@@TREVANDTHECREWgaming Westside Marko uses the card himself, I'm just wondering if the 95 bucks is worth it for a person like me
@jameswawrzaszek809
4 жыл бұрын
Credit cards are the greatest thing in the economy if used properly. The banks pay me to use their cards while providing loss protection and free credit monitoring.
@bushisahomo
4 жыл бұрын
not really, the only reason responsible people can get away with little to no interest and reap all the rewards is because the irresponsible people pay all the interest and fees. if everyone were responsible the whole thing wouldn't work
@exxdrinker
4 жыл бұрын
Everyone would save money on every purchase if credit cards did not exist. You are buying all of your rewards and then some.
@jameswawrzaszek809
4 жыл бұрын
@@exxdrinker No I'm not, you're oversimplifying by saying "everyone". The principles of budgeting have not changed, it still requires discipline. Set up automatic payments for everyday expenses like phone or commuting costs for work. I'd be paying those things regardless. Additionally, my state charges more on tolls if cash is used vs. auto recharge for my electronic account. Set up a shopping list for groceries and stick to it. Always save some of my income upfront. Meanwhile, convenience, fraud protection, credit monitoring, and rewards at no cost. And I get benefits on my other bank accounts because of the relationship. Finally, credit cards are the easiest and fastest way to build credit, keeping other financing costs, such as mortgages, lower. I stand by my original comment. Show restraint, and a credit card is a powerful financial tool.
@damienhanrahan1162
4 жыл бұрын
@@jameswawrzaszek809 And what about the ethical consequence of using a card that costs more for businesses to process, its fine in McDonalds but using credit cards in small businesses to get a 1.5% cashback bonus is kinda dickish
@jameswawrzaszek809
4 жыл бұрын
@@damienhanrahan1162 Ethical consequence of making the business more money? It's already been established that the rise in sales from accepting credit cards more than offsets the costs associated with processing them. And as for the fees, it's the cost of doing business. It costs money to receive electricity to a business. It costs money to get magazine subscriptions and cable TV to an office. It costs money to take out a business loan. It all provides value to the business. No one is forcing any of these actions on anyone, no ethical issues here at all.
@nickidrew5113
Жыл бұрын
I agree with him on keeping debt as low as possible but having a score that’s indeterminate makes life a lot more difficult especially if you want to buy a house. It also takes longer to buy a home if you do the manual underwriting process and essentially they do still use your payment history as the determining factor. Might as well keep the good score
@richardlively1666
2 жыл бұрын
I agree . Dave Ramseys blanket statement that cc"s are bad is wrong. Evidently him not having a cc for 30 years makes me think HE is one that cant be trusted with a cc. I trade and drive new gm cars every 6 months to a year. A gm card has save me over $25,000.00 in past purchases, and like you never have I in 20 years paid a dime in interest. Thanks for the video to correct Ramsey
@MsRotorwings
4 жыл бұрын
I use them like cash so get the benefits of cash back. But I pay them off in full every month.
@Thurgor_Supreme
5 жыл бұрын
When it comes to credit cards and mutual funds over ETFs, Dave Ramsey is a friggin dinosaur
@spektred
5 жыл бұрын
Oh, and decentralized peer-to-peer digital currencies like Bitcoin.... SUPER BIG DINOSAUR.
@leeklinglesmith3427
5 жыл бұрын
Dave does put some of his money in an S&P 500 index fund. He's mentioned that a few times.
@charleetho
5 жыл бұрын
I've been using Dave's mutual find advice for 10 years. It is working quite well. Much better then a couple friend's paid financial advisers.
@Thurgor_Supreme
5 жыл бұрын
@@charleetho LOL. Dave is also a "paid financial advisor". Why do you think he keeps driving people to his website and his recommended funds? I dunno man, but bottom line, expense ratios above 0.5% are nuts in 2019, and ETFs perform just as well as mutual funds.
@charleetho
5 жыл бұрын
@@Thurgor_Supreme Never seen him recommend specific funds. He recommends 4 classes of funds for diversity. I choose them myself in my 401k
@Jeramithehuman
5 жыл бұрын
You never even mentioned the fact that Dave is doing better than he deserves.
@WhiteBoardFinance
5 жыл бұрын
LOL
@lilolme69
5 жыл бұрын
I know you were joking but you do know that has nothing to do with money.... right? He should explain that about once a week so people understand it.
@Jeramithehuman
5 жыл бұрын
Sparkle Shine did you not get the joke?
@lilolme69
5 жыл бұрын
@@Jeramithehuman Can you read? "I know you were joking"?
@Jeramithehuman
5 жыл бұрын
Sparkle Shine I don’t get what you mean
@goddessvibez5293
2 жыл бұрын
Lmao at the end “Share this video if you aren’t 12 or handle your finances like you’re 12” 😂
@-SP.
4 жыл бұрын
Credit cards covering rental insurance is not actually a good thing. I work at Budget and from what im told, if you damage a car and your credit card company has to pay for it, they will sue your car insurance provider. Meaning that in the end your rates are going to most likely increase.
@miniDrew4
5 жыл бұрын
Something tells me this video is about to go viral.
@SA007BARR
4 жыл бұрын
Dave gives advice that will harm no one. If he gave advice like yours, there is SOMEBODY out there that will screw it up and take it too far. Dave’s approach is to get people out of a borrowing mindset. Both of you are correct- you for people that are disciplined. Dave for everyone.
@Bayomayo12
4 жыл бұрын
It basically comes down to self control. If you really can pay it off every single month then this guy is right, if you can't then Dave is right
@TAPSiS.
2 жыл бұрын
Who cares if you can pay it off With a credit card you buy more things that you don’t really need
@millionairehunt
2 жыл бұрын
I don’t understand why would you spend money that you aren’t sure you will pay back with knowing the consequence.
@marylandmike7655
8 ай бұрын
I’ve been doing this for years starting tracking my rewards, I only choose cash back cards, in 5 years I’ve gotten back $9600 all while paying $0.00 interest
@aaronsponseller8383
5 жыл бұрын
Marko and Dave are both right. Dave's audience is comprised of people who are mostly financially illiterate - at least that seems to be their state when they first realize they need help. For those people Dave is 100% spot-on on almost everything, and sticking to some very clear principles about spending, budgeting, and credit cards is necessary. If Dave were to waffle even 1% on the credit card principle and leave people even a sliver of daylight justifying their use lots of people in his audience would immediately convince themselves that they fit in that 1% of exceptional cases and should keep/use a credit card. He slams the door shut on ALL credit cards, as he should, because it's the best thing for the majority of his audience. People going out of their way on KZitem to learn more about financial issues are probably on average more financially literate and in control of their money. That's where guys like Marko come in. Love your channel, Marko!
@WhiteBoardFinance
5 жыл бұрын
Well said, thanks for the fair and balanced comment. It's almost like you're a human talking to another human as opposed to the many Mike Tyson keyboard warriors in this comment section :)
@Stingpac
4 жыл бұрын
Great comment. Fair and accurate !
@tadm123
4 жыл бұрын
That study also applies to debit cards since they're made out of plastic, Dave is just wrong on this one, especially saying that there are no upsides to credit cards.
@merc340sr
Жыл бұрын
Hey Marko! Just a tip. Try "I disagree with Dave Ramsey."...as opposed to "Dave Ramsey is wrong." The first way of saying it keeps arguments and discussions more courteous and civilized.
@onlygothalf
2 жыл бұрын
I set a budget in my checking account, then charge everything and pay it off immediately. I never overspend and I'm building credit/rewards at the same time. Easy.
@HughJass-jv2lt
2 жыл бұрын
*Self Discipline.* *Financial Discipline.* THE END. Either you possess these *traits...* or you do Not. ❤❤
@bizkitman308
5 жыл бұрын
one thing i would like to add. I love to sign up with cards that have the promo bonuses but you didn't mention anything about annual fees. I stay away from the ones with annual fees. Some waive the annual fee for the first year which is good because I will just spend what I need to, get the bonus and cancel the card.
@cdog94544
2 жыл бұрын
Most annual fee cards can be downgraded to another card with no af. It’s a bad idea to cancel a card as you lose the positive history on that card.
@Oprizzle1
5 жыл бұрын
I’m not 12... lol love it. Great video. Hope you don’t get to much tolling because adults don’t care/know how to budget. Love the video!
@WhiteBoardFinance
5 жыл бұрын
A majority aren't because they are disciplined and logical people. The others...not so much
@jennycarrier
3 жыл бұрын
exsact! crédit card open dors to beter rated for morgage..plusplus..one condition pay it in full beafore the date due thats all!
@elprebsidende
2 жыл бұрын
I think the main risk using credit cards the way you describe is if I loose my job tomorrow. I dont like the thought of using a significant part of my last paycheck on the balance. So I only use Them as debet cards or when some of the benefits are relevant
@AlexPratt-yd3ip
Жыл бұрын
One thing I could see Dave saying - even if you are one of the 45% paying off your credit card each month, you are more likely to spend more overall (relative to using a debit) because of the lack of pain. One question I would be interested in - would that difference in overall spending be greater than the rewards you receive?
@danielproulx7288
5 жыл бұрын
Dave Ramseys advice is wrong sometimes!! I've seen videos in which his advice is not the best. That's why it's good to listen to multiple points of view. No one and I mean no one including Dave Ramsey has the corner on knowledge about any subject!
@CZsWorld
2 жыл бұрын
The video doesn't address the fact that you have to keep spending to maintain your credit. You never HAVE to take out a loan if you're smart. That being said, I absolutely love your Dave Ramsey impression. Could you please call into his show as Dave Ramsey calling into his own show?
@ccb6013
Жыл бұрын
You have to keep spending to live....Dave Ramsey fans seem to think that living on cash/debit equals living for "free."
@ct7069
2 жыл бұрын
I totally agree with you. I also use my credit cards wisely. In fact, it's way better and safer than paying with cash. Besides, you get rewards. I don't understand why some people are afraid of credit cards. Just don't overspend and pay in full.
@joej19
3 жыл бұрын
@2:24 “IF you’re financially responsible” This is the biggest problem because it’s not taught anymore. Many don’t have this concept. Great video.
@jeremyjeremy8795
2 жыл бұрын
don’t discount the fact that 18% more is spent when using credit cards…that is statistical fact
@theforeigner6988
5 жыл бұрын
The Temptation is too big. If it was only math, you're right. To many, Millions of people behave like twelve year old.
@partypeoplesandiego
4 жыл бұрын
This video is true. I pay off my credit cards every month and earn about $500-$700 every year in cash back rewards. Although when I was younger I was not disciplined enough To properly manage my spending so you do have to be careful.
@davidkerins8464
2 жыл бұрын
i follow Dave Ramsey's babys steps but I still use my credit card for the same reasons you mentioned and yes I pay it off when the bill comes in
@MiExOdO
5 жыл бұрын
Dave has been doing this for a very long time, helping a lot of families to get out of debt, teaching them good solid financial steps to stay out of debt and become wealthy to live and give. I didn't down vote your video by the way because I like your video format, keep the good work. +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ You added this to your video description, which is that this will only work "when" used properly and "If" you are financially responsible . Those are two huge caveats that even if half of the country followed, you haven't factored in emergencies and probably most people do not factor such emergencies like medical problems. Most people that Dave Ramsey speaks to are already in debt and have used credit cards and they probably were financially responsible until Murphy knocked on their door. Some even like him have all the diplomas in business and yet have faced the dire circumstances of life. Even you have mentioned in your previous video that you have to factor that human nature is flawed: kzitem.info/news/bejne/o6qPn4KjpmSrY4o Protection is equal with a VISA debit card. (* perhaps this is your only valid point in my opinion, I will have to investigate this even further) Cash Rewards are like 1% of what you spend, that is never a huge return and you also did not mention the yearly fee you have to pay to get those point reward credit cards. Credit Cards want you to spend more than what you can pay because they are waiting for you to be financially unstable to get you with the interest rate. It is not like they are evil but that is in their nature to get money out of interest paid. Dave Ramsey is talking to broke people that use credit cards when they don’t have money in their main bank accounts. You cannot teach someone to be financially responsible while at the same time encourage them to use credit cards that increase risk behavior caused by human nature and murphy emergencies. I would definitely not follow Dave's advise if he himself would use credit cards while at the same time he would tell me not to use credit cards. He has built his company and financial advice for so many people by following his own advice.
@WhiteBoardFinance
5 жыл бұрын
fair points. Dave makes it sound like 99.9% of people are irresponsible with credit cards
@MiExOdO
5 жыл бұрын
@@WhiteBoardFinance Human Nature tends to lean towards destruction and creation. I'm going to guess over all of his years of financial advice and experience, he has come to see that people need to work hard to stay out of trouble and they have to build discipline. Not only that but using credit cards seems to be seen as borrowing money that you do not have at the moment of the purchase. Cash on the other hand is money that you physically have in your hand or account. The more you use a card that doesn't cause your pain receptors to react, the more you become less disciplined and then Murphy comes along and destroys everything you built.
@WhiteBoardFinance
5 жыл бұрын
@@MiExOdO Agreed. My video clearly states use a credit card like cash. We agree :)
@lidarman2
5 жыл бұрын
I like the 'helps your build credit remark.' Most of our credit score is based on paying on time, having a long credit history, utilization ratio, and specifically, no defaulting on your loans. The moral here is ironically, get a high credit limit. The trick is, If you are going use a card as a pay off every month, you need to have a high enough limit so utilization ratio is not a factor. That means if you have monthly bills on the order of $1000, you need at least $3000 limit and usually more than $10000 to keep this from affecting your credit score in a detrimental way.
@Chesterd2
5 жыл бұрын
I tried watching Dave Ramsey videos. But he's wrong about a lot of things. Just my opinion.
@WhiteBoardFinance
5 жыл бұрын
he's good for the average consumer who has money troubles
@Chesterd2
5 жыл бұрын
@@WhiteBoardFinance Agreed. But he never really seems to discuss anything other than the obvious. You on the other hand, you dive down and explain how things work. All those things that should be common knowledge and that people should and need to know. You are very good sir!
@spektred
5 жыл бұрын
Agreed, 100%. He told one caller that he shouldn't invest in Bitcoin. You shouldn't even give out advice about something if you don't understand the technology or the fundamentals behind it. A number of people have become millionaires after holding Bitcoin for just a few years.
@Chesterd2
5 жыл бұрын
@@spektred yeah... about 8 years ago I told one of my labors he was a fool for investing in Bitcoin. One day he just stopped showing up to work. I'm sure he never has to work again! He was putting in $200 a week back then! I'm sure he has tens of millions now. He pretty much begged me to buy Bitcoin back then. Had only listened.
@spektred
5 жыл бұрын
@@Chesterd2 You'd be retired right now with numerous homes/cars if you had started buying $200/week worth of Bitcoin 8 years ago.... something to think about.
@pocket5s1
4 жыл бұрын
Frank Abagnale (the guy from the movie Catch Me If You Can) said in a talk a few years ago at Google IIRC, that debit cards were the worst financial instruments ever created and it is better to use a credit card, for all the reasons you stated (i.e. security). When he sent his kids to college, he got a credit card with their and his names on it. Not only could he watch what they spent, but by time they graduated they had perfect credit history to start out their adult life with.
@OPDNETWORK
2 жыл бұрын
You are right i had to change my mind on debt However im still done with car notes and i will still go on my debt killing mission but u are so right
@NoLurp
4 жыл бұрын
I have over 15 credit cards and just signed up for another one last week. I churn them, get the sign up bonus and pay them off completely every week/month. I don’t let my accounts close either. Use the card a couple times a year and my credit score is between 750-800. I’ve never paid interest and always make sure I can pay them off before spending the money.
@ludens1526
4 жыл бұрын
But why does the bank still penalize you with PMI vs the guy with 20% downpayment when you want to get a mortgage? Even if you have both a high score and 20% the bank still prefers the cash so what’s the point of credit? 🤷🏿♂️🤷🏿♂️
@RealLifeMoney
5 жыл бұрын
Marko taking shots at Dave! 😱😂
@WhiteBoardFinance
5 жыл бұрын
I'm 100% right
@RealLifeMoney
5 жыл бұрын
Marko - WhiteBoard Finance with an ego too, Dave better watch out! Lol love it
@rupeestodollars4564
3 жыл бұрын
My Top 3 credit card with no annual fee 1. Chase Freedom Flex (5% on select quarterly categories) 2. Discover It (5% cashback on select quarterly categories) 3. Citi double cash( 2% cashback on all purchases)
@rayn1ful
4 жыл бұрын
I DONT LIKE HOW CREDIT CARD COMPANIES ARE NICE AND FRIENDLY , WHEN THEY ARE TRYING TO GET YOU AS A CUSTOMER , BUT THE SECOND YOU OWE THEM MONEY , THEY'RE SUPER MEAN , WHAT IF THE CUSTOMER DOESNT MIND IF THEY DONT PAY THEY'RE BILLS
@MARTINADBA1980
4 жыл бұрын
I too paid $0.00 in interest while I got $$$$$ in cashback rewards on every purchase with ZERO fraud liability!!!!!! Well-said Marko!!!
@chrissyhardman
5 жыл бұрын
"Maybe you deserve that pain" oof
@WhiteBoardFinance
5 жыл бұрын
Truth hurts
@Didisayhi
4 жыл бұрын
I paid off 30k cc debt in 16 months!!!! 3..2...1.... I’m debt free!!!!
@monicarenee7949
2 жыл бұрын
In my entire life, I missed one payment because I literally forgot I had a balance lol. That has dropped off my credit history by now. That was early in my credit history. Since then, over 15 years, I have always paid in full and actually have gotten thousands in actual cash back just by using my card in ways I already would use them. About to pay for flights to Disneyland for two (that I already planned on going) basically with cash back built up over the past couple years. Now I have 823 credit score. I don’t like debt, but this year biting the bullet and getting a mortgage because saving cash isn’t keeping up with inflation right now. This accidental 800+ credit score is coming in handy.
@HughJass-jv2lt
2 жыл бұрын
*Self Discipline.* *Financial Discipline.* THE END. Either you possess these *traits...* or you do Not. ❤❤
@eduardorodriguez550
5 жыл бұрын
1. Agree 2. Agree 3. Agree. I'll be getting $400 in cashback this month paying 0 interest. You're welcome
@preston0808
4 жыл бұрын
What did you spend 20 grand on this month to get that 400 bucks lol
@JohnDoe-yb7ps
4 жыл бұрын
Sssshhhhhh don’t use your brain just get a credit card like the cool kids do lol
@muningmunimuni
4 жыл бұрын
@@preston0808 maybe he get a new credit card which offer cash bonus if you spent an x number of money to get the bonus. Btw, i've been using this trick aswell for the past years and ended up too many credit cards on hand. Just be mindful only get a credit card with no annual fee.
Пікірлер: 2,9 М.